XML 23 R11.htm IDEA: XBRL DOCUMENT
v3.24.3

Discontinued Operations and Dispositions | 9 Months Ended
--- | ---
Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations and Dispositions | Discontinued Operations and Dispositions Harsco Rail Segment The results of the Rail business were previously presented as discontinued operations. However, the held for sale criteria were no longer met beginning with March 31, 2024 as the sales process has been paused. The assets and liabilities of the Rail business, previously presented as held for sale, were reclassified to held and used in the Condensed Consolidated Balance Sheets as of December 31, 2023, and the results of the Rail business were reclassified from discontinued operations to continuing operations for all periods presented in the Condensed Consolidated Statements of Operations. The Rail business’ assets and liabilities as of March 31, 2024 were measured at the carrying amount before the assets were classified as held for sale, reduced by $10.7 million representing the depreciation and amortization expense that would have been recognized had the assets been continuously classified as held for use. The $10.7 million reduction to the carrying value of the Rail assets was reported in Remeasurement of long-lived assets in the first quarter of 2024. The reclassification of the Rail business's balance sheet positions as of December 31, 2023 had the following impacts on the Condensed Consolidated Balance Sheets and are summarized as follows:
(in thousands) |  |  |  | December 31 2023
Trade accounts receivable, net |  |  |  | $ | 57,415 |
Other receivables |  |  |  | 6,708 |
Inventories |  |  |  | 103,077 |
Current portion of contract assets |  |  |  | 56,341 |
Prepaid expenses |  |  |  | 28,797 |
Other current assets |  |  |  | 2,895 |
Property, plant and equipment, net |  |  |  | 44,113 |
Right-of-use assets, net |  |  |  | 7,050 |
Goodwill |  |  |  | 13,026 |
Intangible assets, net |  |  |  | 3,122 |
Deferred income tax assets |  |  |  | 973 |
Other assets |  |  |  | 22,792 |
Total assets |  |  |  | $ | 346,309 |
Accounts payable |  |  |  | $ | 44,703 |
Accrued compensation |  |  |  | 6,056 |
Income taxes payable |  |  |  | 1,434 |
Current portion of operating lease liabilities |  |  |  | 3,656 |
Current portion of advances on contracts |  |  |  | 32,912 |
Reserve for forward losses on contracts |  |  |  | 52,725 |
Other current liabilities |  |  |  | 30,550 |
Operating lease liabilities |  |  |  | 3,331 |
Deferred tax liabilities |  |  |  | 350 |
Other liabilities |  |  |  | 494 |
Total liabilities |  |  |  | $ | 176,211 |
The reclassification of the results of the Rail business to continuing operations had the following impacts on the Consolidated Statement of Operations for the three and nine months ended September 30, 2023:
|  |  |  | Three Months Ended |  |  |  | Nine Months Ended
|  |  |  | September 30 |  |  |  | September 30
(In thousands) |  |  |  | 2023 |  |  |  | 2023
Service revenues |  |  |  | $ | 17,806 |  |  |  |  | $ | 36,291 |
Product revenues |  |  |  | 54,574 |  |  |  |  | 189,989 |
Total revenues |  |  |  | 72,380 |  |  |  |  | 226,280 |
Cost of services sold |  |  |  | 11,425 |  |  |  |  | 24,341 |
Cost of products sold |  |  |  | 50,760 |  |  |  |  | 157,265 |
Total cost of sales |  |  |  | 62,185 |  |  |  |  | 181,606 |
Selling, general and administrative expenses |  |  |  | 9,124 |  |  |  |  | 29,001 |
Research and development expenses |  |  |  | 631 |  |  |  |  | 1,494 |
Other expense (income), net |  |  |  | 1,455 |  |  |  |  | 2,912 |
Total costs and expenses |  |  |  | 73,395 |  |  |  |  | 215,013 |
Operating income (loss) from continuing operations |  |  |  | (1,015) |  |  |  |  | 11,267 |
Interest income |  |  |  | 44 |  |  |  |  | 96 |
Interest expense |  |  |  | (813) |  |  |  |  | (2,165) |
Defined benefit pension income (expense) |  |  |  | 6 |  |  |  |  | 19 |
Income (loss) from continuing operations before income taxes and equity income |  |  |  | (1,778) |  |  |  |  | 9,217 |
Income tax benefit (expense) from continuing operations |  |  |  | 611 |  |  |  |  | (5,495) |
Income (loss) from continuing operations |  |  |  | $ | (1,167) |  |  |  |  | $ | 3,722 |
Harsco Environmental Segment On April 1, 2024, the Company completed the sale of Performix Metallurgical Additives, LLC, a subsidiary of HE, for $17.5 million, subject to normal post-closing adjustments, and recognized a gain on the sale of $1.8 million (or approximately $1.3 million after-tax). On August 29, 2024, the Company completed the sale of Reed Minerals, LLC, a subsidiary of HE, for $45.0 million subject to normal post-closing adjustments, and recognized a gain on sale of $8.7 million (or approximately $2.8 million after-tax). The most material classes of assets and liabilities on the date of the sale were Trade accounts receivable, net of $9.9 million, Inventories of $7.1 million, Property, plant and equipment ("PP&E") net of $10.7 million, Goodwill of $13.7 million and Accounts payable of $6.9 million. Other Discontinued operations include costs directly attributable to retained contingent liabilities of other previously disposed businesses.

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent + Details
Name: | us-gaap_MergersAcquisitionsAndDispositionsDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration